1120                                      LAWS OF MARYLAND                                Ch. 501

many of such bonds as may be mentioned or designated in said advertisement; and
on the opening of such sealed proposals, as many of said bonds as have been so
bid for shall be awarded by the Board of Public Works to the responsible bidder or
bidders therefor for cash offering the lowest net interest cost to the State, and if
two or more responsible bidders have made bids resulting in the same lowest net
interest cost to the State, then said bonds shall be awarded by lot to one of such
responsible bidders. If no bid is received, or if the Board of Public Works in the
exercise of its discretion determines that no bid is satisfactory and that it is in the
best interests of the State that all bids be rejected, the Board may reject all bids
and may thereafter negotiate the sale of any part or all of said bonds at a private
sale upon the best terms as to price, rates of interest and dates of payment within
the limits of Article III, Section 34 of the Constitution of Maryland, that can be
obtained for the same.

SECTION 4. AND BE IT FURTHER ENACTED, That so much thereof as
may be necessary shall be paid by the Treasurer of the State upon the warrant of
the Comptroller out of the proceeds of the sale of said bonds for the payment of
the expense of engraving, printing and other outlays connected with the issue of the
loan hereby authorized, and for the payment of the advertising directed by this
Act, and all other incidental expenses connected with the execution of its
provisions in connection with said loan.

SECTION 5. AND BE IT FURTHER ENACTED, That the actual cash
proceeds of the sale of the bonds to be issued under this Act shall be paid to the
Treasurer of the State upon the warrant of the Comptroller and such proceeds
shall be used exclusively for the following purposes, to wit:

1.  The Comptroller, immediately upon the sale of and payment for said bonds,
first, shall return to and credit the Treasury for a sum equivalent to the amount
expended under Section 4 of this Act.

2.  The remainder of the proceeds of such loan shall be credited on the books of
the State Comptroller to be expended to supplement the cost of the acquisition of
such real estate as may be required in connection with the construction of public
school buildings and facilities, by each of the counties in this State and by the
Mayor and City Council of Baltimore and to supplement the financing of the costs
of construction, improvement or renovation of public school buildings and facilities
by said counties and Baltimore City not eligible for State financing under Section
130A of Article 77 of the Annotated Code of Maryland and the regulations and/or
determinations of the Board of Public Works promulgated pursuant thereto. Such
financial assistance shall be granted for the purposes stated hereinabove to each of
the counties in this State and to the Mayor and City Council of Baltimore upon
the following terms and conditions:

(a) Whenever any county or the City of Baltimore desires to participate in the
financial assistance which is provided for under the terms and conditions of this
Act, said county or City, as the case may be, shall certify a statement to the State
Board of Education showing: (1) the number, class, type and character of all public
school buildings or public school facilities required by the said county or the said
City for which funds are currently unavailable; (2) the amount, type and character
of real estate necessary in conjunction therewith; (3) the total estimated cost of
said school buildings, school facilities and real estate; (4) the total issued and
outstanding bonded indebtedness of said county or city; (5) the total assessable
taxable basis of said county or City as determined on the last preceding date of
finality; and (6) such other information as may be required by regulations passed
by the State Board of Education.